Total Denies Talks With Spanish Bank Over Compania Espanola De Petroleos Stake

TotalFinaElf, Europe's third biggest oil company by market capitalization, has said that it is not in talks with Spain's top bank about increasing its stake in Compania Espanola de Petroleos, the Iberian country's second largest oil group.

Total has not been in negotiations with Santander Central Hispano about buying the bank's twenty percent stake in Cepsa, Total said in a note to Spanish stock market regulators.

Regulators requested clarification from Total as Cepsa shares jumped to their highest in more than a decade last week after the Total Chief Financial Officer Robert Castaigne said that the French company would be happy to increase its 44 percent stake if given the opportunity.

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